The publication of the minutes of the FOMC meeting early this morning is seen to continue to support the strengthening of the US dollar for the near term.
Examining the details of the minutes, some policymakers supported a 50 basis point hike in interest rates at the latest meeting, and most expected a 25 basis point hike.
The economic data published in recent weeks show signs of strong growth in activity and employment, while the rate of spending is also encouraging.
This further increases the tendency of the Federal Reserve (Fed) to remain on the path of monetary policy tightening.
Even at a slower pace, the US dollar is still showing strengthening against most other major currencies.
On the EUR/USD chart, the decline has continued until reaching the expected level of 1.06000 which is now a support for the price.
Slow prices in the vicinity resumed trading at the opening of the Asian session this morning (Thursday).
The trend is considered to remain bearish with the price continuing to move below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the EUR/USD chart.
If the decline continues below the 1.06000 level, the price's next target is towards around 1.05000 which is expected to be the latest support level for the price.
The price will also continue to record recent 7-week lows.
On the other hand if a rebound is displayed, the resistance at 1.07000 will be the focus to be retested.
After passing that barrier, the price continued to rise higher to reach the previous resistance level of 1.08000.
